Retail Diary - Week of September 18th 2023
This Week's Topics:
Fashion Week News
Deciphering the Data of Luxury Shoppers
Tabi Talk
New Launches, Collabs, IPOs & More
What else I ❤️️
Fashion Week News
Sarah Burton, who took over for Alexander McQueen when founder Lee McQueen died in 2010, is leaving McQueen as Creative Director. She was his #1 partner prior to his death. She is leaving McQueen after starting there as an intern and then beginning full time post graduation from Central St Martins in 1998.
From the NYTimes I also loved this article (and series of street style photographs) about how this season we saw more “serious” looks on the street vs the over the top peacocking of previous seasons. I saw this as notable due to a few reasons
The “quiet luxury” trend continues. Let’s take Sofia Richie Grainge’s sophistication and Gwyneth Paltrow’s courtroom style and put it in a fashion show attendee context.
Major trend and increase of American Sportswear Style and functional clothing seen on the runway - trickling into the streets too. On the calendar coming up I’ll be sharing my American Sportswear Style deep dive. I’m getting excited for this and now you can too!
If we are talking street style images I just need to mention Bill Cunningham and how much I miss his work, his smile during the shows and his warm personality.
Looking for a great NYFW recap that isn’t by Vogue, WWD or BoF (not that I don’t love those)?
talks about all the interesting pieces and shows. This is a super thorough and in depth recap.
You know I love Lauren Sherman’s The Line Sheet with Puck News - here is a fun interview with her from…Interview Magazine including Fashion Week gossip.
There is a new documentary “Invisible Beauty” by Bethann Hardison who co-directed the documentary but also is a model and shares her story from her decades of experience in the Fashion world including the famous “Battle of Versailles.” Lots of press that I enjoyed around this including a podcast interview on The Run-Through with Vogue and Bazaar magazine article and the New York Times.
Everything we know about Fashion week (so far) from the New York Times is another mini dive into all the details you need to know.
Similarly, Who What Wear editors recap the Spring 2024 NYFW shows. And if you like to listen to the recaps vs read and hear about how to incorporate them now vs waiting until next season this is the podcast for you.
Loving this trend of socks being the it item. When socks are trending it has the ability to drive the category up over 100% to LY because of the swings. I also love seeing a trend take off that is 1) accessible to so many 2) low entry price point 3) something everyone can show some individuality with. Congrats and have fun with it Intimate Apparel Buyers!!
Deciphering the Data of Luxury Shoppers
TL;DR (too long, didn’t read) retailers focusing on the luxury consumers are doing okay (not declining but also no big upswings) but the middle of the pack and lower pricing might be impacted by consumers making tough decisions between clothing vs food and rent.
We use Luxury shopping to see if the economy is turning around. It is one of the first sectors to show a bounce back. Additionally, since luxury spending habits are so elastic, it quickly will show us if we are in an upturn or a downturn. For all these reasons I’ve been looking at the headlines and trying to see which way the wind is blowing in fashion luxury goods.
Mytheresa bet on their top luxury consumer/spender and it has been paying off. “Mytheresa’s top clients represent around 3% of its 1 million customers but drive 39% of its business, the company said Thursday when it reported quarterly results. That’s up from 33% in 2021.” The article also talks about the strategy and leverages inspiration (which in the article reads as limited assortment) in what is driving this consumer to purchase. Less confusion and not overwhelming the customer with too many choices is helping to convert the purchase for the luxury consumer short on time.
This article from Glossy quoting that inflation at 6% LY and expected to be 3% this year, that people are making the decision to cut shopping for clothes in order to cover groceries and rent. Luxury shoppers aren’t having to make those decisions as much, but it would impact other consumers when deciding if they should splurge for something more designer priced. The other idea in this article I really appreciated was that sometimes what is driving the cost of clothing up might not be labor, materials or shipping costs but could be marketing costs.
Saks consistently surveys their top consumers and receive around 1.8K responses. For WWD they shared the results which show that luxury consumers are still shopping and looking to retailers, social media and fashion media for inspiration on what to purchase. Additionally, the customers surveyed 68% are not concerned about their own economic status but are 55% concerned about the overall economy.
A few interesting data points in this Business of Fashion article:
The top 5% of clients drive more than 40% of sales at most brands.
The bottom 50% of customers now account for around 15% of sales at most brands.
This article also mentions customer segmentation as a way to cater to the most luxe consumers able (and willing) to spend more which is an important merchandising strategy.
Tabi Talk
Image via FarFetch of the Maison Margiela Tabi Mary Jane
Above is an image of the Maison Margiela Tabi Mary Jane. The Tabi (split toe) also comes in loafers, boots, ballet flats, pumps etc. If you are wondering why this shoe that was first shown in 1988 is being discussed so much now I’m here to help out.
First, Vogue has the history. I also like looking at the Google Trends to see if something really is trending or I’m in a bubble. Based on the data I would say, yes this is trending, but I’m also in a bubble where it is likely trending more for me. For a fashion item, this is a piece that has had a long history, not a single season trend. And since it is so unique there are loyal shoppers of this style.
Why are we talking about it so much in Fall 2023? For someone who loves the convergence of pop culture and fashion this is so fascinating. Via NYTimes we’ve got these details that involve TikTok, Tinder and detective work. There is also the follow up article/newsletter from the NYTimes here.
For all of us that really like to dive into what the increased interest of the Tabi TikTok has done for the shoe and the brand Maison Margiela, there is this Business of Fashion article. An estimated $1 million in media impressions! And even before the recent press, the style was seeing 56% increase in stock arrivals online in the US and UK 2023 vs 2021.
Finally, Fashionista joins the SEO race, I mean editorial conversation, about how this shoe has gone mainstream. Lots more data in here. For a shoe that has been around for three and a half decades, I think instead of going mainstream, the power of the internet and social media has allowed the reach to grow and expand. A Tabi consumer is likely to continue to be a fan so the brand/shoe is growing over time and not losing prior consumers and no other major competition in the split toe style unless we could Vibram or Nike Air Rift.
New Launches, Collabs, IPOs & More
Launched
Zola launches a new baby registry. Only surprised that it has taken the wedding registry brand this long as it is the logical next step. (Wondering if a Babylist acquisition from Zola would make sense here….Babylist is making some big moves too.)
Collabed
Moda Operandi x Merit Beauty x Proenza Schouler for the ultimate fashion forward GWP. Timed to launch during fashion week and tagged in Moda Operandi’s founder’s Instagram subscription channel.
Rimowa x Tiffany & Co. 2 of the styles were designed to keep the jewelry safe.
These J. Crew x Olympia Le Tan clutches are everything. Beautiful covers to commemorate 40 years of the J. Crew catalogs and such special details. Olympia Le Tan’s clutches are true collectors items.
IPO-ing
Birkenstock is ready to step-up to the NY Stock Exchange. More about L. Catterton, the investment firm that is preparing to take them public from Business of Fashion.
Corporate Moves
Macy’s names Olivier Bron as the new CEO at Bloomingdale’s. He is an outsider to the Macy’s company but not to department stores. Bron brings in International experience which shows a possible next direction for Bloomingdale’s and Macy’s. Bron has a deep background in strategy also. Read more from WWD here.
British Vogue has a new Editor in Chief (and a new title - instead of EIC her title will be Head of Editorial Content) Chioma Nnadi will take over for Edward Enninful and I love the announcement timed with London Fashion Week. Business of Fashion coverage and Vogue Run-through podcast announces Nnadi’s new role at British Vogue where she is a host.
Nordstrom made multiple management shuffles, including Jamie Nordstrom being named the new Chief Merchandising Officer. He previously served as the Chief Stores Officer.
Artemis Patrick was named the new President of Sephora North America.
Maria Borromeo has been named the new CEO at Mansur Gavriel. GF Capital Management & Advisors is the PE firm that acquired the brand in 2019 and the co-founders and creative directors Rachel Mansur and Floriana Gavriel stepped away but have now returned. I am personally really excited for this and can’t wait to see what is next. To read more about Mansur Gavriel check out this Business of Fashion article.
The Cut wrote about the design talent challenge at fashion houses - there is a huge push and pull between the creative side of the business and an executive/strategy side of the business.
What else I ❤️️
For any Succession fans, you will enjoy this read on Bernard Arnault and LVMH. (In other Succession related news, which is wild to say since the show is over, Rupert Murdoch has stepped down and passed along the reigns. I’ll link to @katiegrossbard instagram.)
Loved
’s recap of women fashion designers that she loves and wears over and over.
How do you wear your sweater? from The Cut.
Happy 50th Anniversary to the Bloomingdale’s Little Brown Bag. As an alum of the retailer, this bag holds a huge place in my heart. I’d also like to shout out a former boss and mentor, Joyce Packman who was responsible for launching the famous vinyl Little Brown Bag when she was a Buyer. I love when SKUs have a long history and lasting place on the shelf (and the bottom line!)
Sustainability new: Apple to focus on non-leather materials and will not use leather in any new products. However worth mentioning they will get around this with the Hermés Apple Watch straps by having those SKUs only available at Hermés stores.
Nope. Not okay. We don't try to rationalize and minimize what others said. And we also don't diminish how another community might feel about the horrible anti-semtic remarks that were made. Adidas CEO on Ye’s (Kanye West) antisemitic remarks.
I love a good concept store and suggest checking out the WWD Ultimate Guide to Concept Stores.
This weekend is the Girls Crushing It Pop-up in the East Bay. Come to Lafayette, CA and check out the amazing shops the girls create.
Remembering inclusive size pioneer Alexandra Waldman who co-founded Universal Standard.
What's Next?
I’m reading Glossy by Marisa Meltzer now and that will be the next Retail Diary: Book Club Newsletter. Also loving all the Sportswear right now and found a bunch of content to share regarding American Sportswear so that will be the next Fashion Spiral 🌀 Newsletter. Both will come in this same Substack so no need to look anywhere else. And of course more news to be coming from Paris Fashion Week.